Tag: Bradford & Bingley

Bradford & Bingley back in the black

Bradford & Bingley back in the black

Nationalised lender Bradford & Bingley (B&B) today announced it returned to profit in the first half. The bank posted a pre-tax profit of £896 million for the six months to the end of June, after posing a loss of £160 million in the same period a year ago. Meanwhile, operating costs fell from £65 million [...]

July 30, 2010 | 0 Comments More
Former B&B shareholders will not receive compensation

Former B&B shareholders will not receive compensation

An independent valuer has said former shareholders of crisis-torn Bradford & Bingley (B&B) will not receive any compensation after it was split and sold. At the height of the financial crisis, B&B’s loan book was nationalised, while Spanish banking giant Santander took ownership of its savings business and branch network. B&B’s shares closed at 20p [...]

July 6, 2010 | 0 Comments More
Santander begins rebranding of Abbey and B&B

Santander begins rebranding of Abbey and B&B

Spanish banking giant Santander is to begin its integration of UK High Street banks - Abbey and Bradford & Bingley (B&B). Santander, which is the second largest banking group in the world after HSBC, became a household name in the UK when it acquired Abbey for £9.5 billion, back in 2004. In July 2008, it [...]

January 11, 2010 | 0 Comments More
B&B mulling over split into good bank / bad bank

B&B mulling over split into good bank / bad bank

Nationalised Bradford & Bingley (B&B) is reportedly considering splitting itself into two in order to raise money to repay its £18.4 billion loan from the Financial Services Compensation Scheme (FSCS). The troubled buy-to-let lender was nationalised over a year ago to prevent it from collapse which led to Spanish bank, Santander, acquiring B&B’s £20 billion [...]

October 26, 2009 | 0 Comments More
Bradford & Bingley launches 3.3% Notice Saver

Bradford & Bingley launches 3.3% Notice Saver

Bradford & Bingley (B&B) has launched a new online Notice Saver account paying interest at a variable rate of 3.3% gross/AER. New and existing B&B customers can open the account with a minimum balance of just £1. The account includes an instant access option for savers who need to withdraw their money. Account holders can [...]

September 23, 2009 | 0 Comments More
Bradford & Bingley launches 2.35% two-year bond

Bradford & Bingley launches 2.35% two-year bond

Bradford & Bingley has launched a new two-year fixed-rate bond paying 4.35% interest. The bond requires a minimum deposit of £10,000, and no withdrawals are permitted during the life of the bond. Savers looking to take advantage of the bond must have internet access as it is only available online. Reza Attar-Zadeh, director of savings [...]

September 15, 2009 | 0 Comments More
Santander banks launch 4.2% bond

Santander banks launch 4.2% bond

Abbey, Alliance & Leicester, and Bradford & Bingley have announced the launch of a new two-year fixed-rate bond paying interest at 4.2%. Savers can open the bond with an investment of between £10,000 and £2 million. Any withdrawals incur a penalty of 120 days interest. The bonds can be opened by visiting any branch of [...]

September 2, 2009 | 0 Comments More
Santander to rebrand Abbey, A&L and B&B

Santander to rebrand Abbey, A&L and B&B

In a move which will cost £12 million, Santander is to re-name its UK High Street banks: Abbey, Alliance & Leicester (A&L) and Bradford & Bingley (B&B). According to Santander, the move is aimed at saving £180 million from integrating the three banks. The move would also allow the UK business to use the “expertise [...]

May 27, 2009 | 1 Comment More
Santander launches 4.01% fixed-rate bond

Santander launches 4.01% fixed-rate bond

Santander’s UK banks have launched a new two year fixed-rate bond paying interest at 4.01% gross p.a./AER. Minimum deposit is £30,000, and maximum deposit is £2 million. The bond is available in store from branches of Abbey, Bradford & Bingley, and Alliance & Leicester. Reza Attar-Zadeh, director of savings and investments at Santander UK, said [...]

May 7, 2009 | 1 Comment More
Alliance & Leicester announces 3% fixed-rate ISA

Alliance & Leicester announces 3% fixed-rate ISA

Santander-owned Alliance & Leicester (A&L) has launched a new individual savings account (ISA) designed to attract customers who may have been put off saving by the current climate of low interest rates. The one-year fixed rate bond ISA pays interest at 3.00% tax free, with the account maturing on 1 May 2010. Minimum deposit is [...]

April 6, 2009 | 0 Comments More
Mortgage interest rates could rise steeply

Mortgage interest rates could rise steeply

Lord Turner, the Financial Service Authority’s chairman, has said that as a result of increased regulatory control consumers are likely to face higher mortgage rates as costs are passed on. The FSA is now considering a number of new measures in order to avert any future banking crisis. The primary consideration is looking to increase [...]

March 24, 2009 | 0 Comments More
Bank bailouts push national debt up by £1.5tn

Bank bailouts push national debt up by £1.5tn

Figures released by the Office for National Statistics today have revealed that national debt could be pushed up by as much as £1.5 trillion, following the bailouts of Royal Bank of Scotland (RBS) and Lloyds TSB. Billions of pounds were injected into the two banks last autumn to prevent them from collapse. Furthermore, both Northern [...]

February 19, 2009 | 0 Comments More
Santander announces €7.2bn rights issue

Santander announces €7.2bn rights issue

Spanish bank, Santander, has raised eyebrows today by announcing a €7.2 billion (£5.9 billion) rights issue. The bank, which recently acquired Alliance & Leicester, said the heavily discounted rights issue will allow it to strengthen its capital and provide an investment opportunity for its shareholders. However, just last week the bank insisted it had no [...]

November 11, 2008 | 0 Comments More
Abbey announces surge in new deposits as consumers seek safe haven

Abbey announces surge in new deposits as consumers seek safe haven

High Street bank Abbey, which is owned by Santander, has announced a rise of 70% in new deposits as consumers look for a secure place to deposit their savings. During the first nine months of the year, Abbey said it took £4.3 billion in deposits, compared with £2.5 billion during the same period in 2007. [...]

October 28, 2008 | 0 Comments More
Santander: White Knight or What?

Santander: White Knight or What?

A crisis might be a time for action rather than questions but with the scale of the problems facing the UK banking sector escalating, one particular question regularly bubbles to the surface. Is Grupo Santander any more likely to emerge from the credit crisis in sound shape than some of its failing European rivals? Santander [...]

October 6, 2008 | 0 Comments More
Bradford & Bingley shareholders ‘robbed’

Bradford & Bingley shareholders ‘robbed’

The nationalisation of Bradford & Bingley is the most blatant case of legalised bank robbery this country has ever seen, with almost a million shareholders likely to lose a fortune. The whole point of having shareholders in a democracy is that they own the company and can decide its fate between them, including sacking the [...]

September 29, 2008 | 1 Comment More
Santander to acquire B&B‘s branches and £20bn savings business

Santander to acquire B&B‘s branches and £20bn savings business

The BBC reported over the weekend that troubled buy-to-let lender Bradford & Bingley (B&B) was set to be nationalised. It has emerged this morning that Spanish bank, Santander, which recently agreed to buy Alliance & Leicester, is to acquire B&B’s £20 billion savings base and its network of 197 branches. According to sources, talks ran [...]

Bradford & Bingley to be nationalised

Bradford & Bingley to be nationalised

Troubled buy-to-let lender, Bradford & Bingley (B&B) is set to be nationalised, according to the BBC. Treasury officials and the Financial Services Authority (FSA) have been holding talks with the lender in an attempt to secure its future. The bank is to be nationalised using special legislation the Treasury implemented after it took Northern Rock [...]

September 28, 2008 | 0 Comments More
Slump in mortgage demand forces B&B to cut jobs

Slump in mortgage demand forces B&B to cut jobs

Troubled buy-to-let mortgage lender Bradford & Bingley (B&B) has announced its mortgage processing centre in Borehamwood, Hertfordshire, is be closed with the loss of 370 jobs. The processing centre is to close in the first quarter of 2009. B&B, which is the UK’s biggest buy-to-let lender, blamed the continuing downturn in the market for mortgages. [...]

September 25, 2008 | 0 Comments More